Transfield $285 million Writedown

Construction and maintenance company Transfield (ASX:TSE) have announced writedowns ahead of its half year results next week.

• Transfield Services have announced an impairment of between $270 million and $285 million in relation to its asternwell Minerals exploration and marine geotechnical businesses, as well as its US downstream maintenance business, Timec.
• The announcement stated, "The writedowns are non-cash, do not affect Transfield Services’ gearing covenant under its banking agreements and have no impact on operations. The company will not need to raise equity as a consequence of these write-downs."
• The company had previously forecast an operating profit at the lower end of a range between $125 million and $135 million.
• Transfield is scheduled to release its half year results on February 26.